EX-12.1 9 vly-12312016ex121.htm EXHIBIT 12.1 Exhibit


 
 
 
 
 
 
 
 
EXHIBIT 12.1
 
Computation of Ratios of Earnings to Fixed Charges
 
 
 
 
Years ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Excluding interest on deposits
 
3.91

 
2.19

 
2.21

 
2.41

 
2.60

Including interest on deposits
 
2.48

 
1.76

 
1.87

 
2.02

 
2.11

Note: The ratio of earnings to fixed charges is calculated by adding income before income taxes plus fixed charges and dividing that sum by fixed charges.
 
 
Years ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
(in thousands)
Income before income taxes
 
$
233,380

 
$
126,895

 
$
147,234

 
$
178,940

 
$
210,375

 
 
 
 
 
 
 
 
 
 
 
Interest on deposits
 
$
77,562

 
$
60,256

 
$
47,553

 
$
47,791

 
$
57,556

Borrowings and long-term debt
 
71,212

 
96,498

 
114,293

 
120,586

 
123,756

1/3 of net rental expense
 
9,052

 
10,582

 
7,082

 
6,631

 
7,949

 Total fixed charges, including interest on deposits
 
$
157,826

 
$
167,336

 
$
168,928

 
$
175,008

 
$
189,261

 Total fixed charges, excluding interest on deposits
 
$
80,264

 
$
107,080

 
$
121,375

 
$
127,217

 
$
131,705